A Net Plus For RCN.(Brief article)
Multichannel News, March, 2007
By Staff Miller Tabak media analyst David Joyce maintained his "neutral" rating and $30 price target on RCN after the cable-system overbuilder reported strong fourth-quarter results. RCN reported 13% revenue growth and 54% operating cash-flow growth in the fourth quarter, but increased its 2007 capital expenditure guidance to between $100 million and $110 million in a bid to spur lackluster revenue growth.
That forced Joyce to adjust his free cash flow estimate for the overbuilder downward from $59 million to $17 million. Joyce said RCN's plans to return between $350 million and $400 million to shareholders -- most likely through a cash dividend. Joyce estimated that the cash dividend could be about $10.12 per share, offsetting RCN plans...
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